Enhancing Asset Management Intelligence: Best Practices in Data-Driven Decision Making

Electric utilities continue to face substantial challenges - both internally and externally via state and provincial regulators, to make prudent decisions on their asset base in a customer-focused and economically justified manner, such that they are able to maximize the value of their assets. This panel will discuss the recent advancements that utilities have made through the introduction of risk-and-value-based asset management frameworks - allowing them to perform system-wide risk assessments, develop asset profiling and risk mitigation strategies and optimize investment plans and maintenance practices by balancing the risk of asset failure (including financial and socioeconomic risk factors) against the necessary capital costs to offset these risks within the system. This panel will also discuss the challenges that these utilities faced in implementing comprehensive asset data models in order to transition from age-andcondition-based frameworks to risk-and-value-based decision-making frameworks.